Irvine Chapter 7 Bankruptcy Lawyer

What is Chapter 7 bankruptcy?

Chapter 7 and Chapter 13 are the two most common bankruptcy proceedings. The word chapter refers to the section of the United States Bankruptcy Code that governs bankruptcy proceedings. An individual or a business may file for Chapter 7; but, individuals who've had a bankruptcy case dismissed within 180 days prior are not allowed to file for Chapter 7 under certain conditions as specified in the law. An Irvine bankruptcy attorney from the firm can guide you through the steps of Chapter 7 bankruptcy if you are buried in debt and see no way out.

The first thing that he will do is to take you through the steps of the means test to determine if you are qualified for bankruptcy. This will essentially compare your income to the average in your area, but that is not a set rule that you will be able to apply if you meet this. There are other factors that can come in to play. If eligible, the next step is to file a petition with the bankruptcy court, which your attorney will help you prepare and ensure that all the supporting documentation is complete. This includes a list of all of your creditors, which, upon receipt of the petition, the court will notify. As soon as this has happened, most collection actions will cease for a period of time.

Should any creditor contact you during this time, you only need to refer them to your attorney. During this time creditors may not usually start or continue a lawsuit, wage garnishment or phone you for payment. Twenty to forty days after filing the petition there will be a meeting of your creditors that you are required to attend. Your attorney will help prepare you for this. If everything has been done properly up to this point, you can normally expect a full discharge of qualified debt two to three months later.

Chapter 7 bankruptcy is often referred to as the liquidation bankruptcy. It is for more extreme debt and can help those with significant owed expenses to start over. It may provide a blank slate if it is handled correctly. While it may seem like a big step to take, if you are suffering financially then you will likely only continue to spiral down. By filing you may be able to put an end to your debt issues and will eventually have the chance to start rebuilding your credit score. An attorney from Peter Rasla & Associates, P.L.C. can also counsel you on the process after bankruptcy and help you avoid falling back in to any of the same financial traps.

Contact an attorney today!

Chapter 7 is the simplest form of bankruptcy but it can be very complex for anyone not well versed in the process. Having accurate and complete documentation is essential for a smooth proceeding and rapid resolution. Get help to make sure the process brings you the relief you are seeking. Contact the office if you are considering Chapter 7.